Morrisons is reported to be considering selling off up to 10% of its properties to appease shareholders after bad tidings over Christmas trading.

While the supermarket chain has traditionally made store ownership a key plank of its business, owning about 90% of its stores, shareholder pressure from has pushed the company to consider selling off and leasing back some of its £9bn property portfolio.

Morrisons chief executive Dalton Philips is to report on plans in March, after conducting a review whose findings will be of more intense interest after its recent struggles, including a 5.6% decline in Christmas sales. Hiving off just a tenth of its freehold assets could raise up to £800m, with a large chunk potentially returned to shareholders in dividends.

Shares in Morrisons dropped last week after the grocer revealed it had performed at the bottom end of forecasts – and worse than its major rivals – over Christmas. Philips admitted the lack of an online grocery service and too few convenience stores were holding it back.

The company belatedly joined the ranks of online supermarkets on Friday when its service, powered by Ocado, started delivering groceries.